Sterling Rallies Against the EuroApril 22, 2016 2:05 pm
The Sterling has gained some strength this week against the USD and EUR. Forecasters believe this will be a short term hike in the rate that will not last very long. Now would be a good time to take advantage of the rates whilst they are looking better this week.
The Pound Sterling has been at its strongest level this week for April. As weeks go by and the Referendum is getting closer; the Sterling is likely to be more volatile until a decision of a potential ‘Brexit’ is made.
Yesterday saw the European Central Bank meet to discuss interest rates. The decision led to interest rates remaining on hold whilst the economy is still benefiting from the growth and unemployment levels. This has caused the EUR to remain slightly weaker this week, however this is great news for the Eurozone as it keeps their currency steady and trading rates low.
The USD weakened this week against GBP after oil prices fell again. Toward the end of this week the rates have been very volatile between the two. The interbank shot back up to 1.4425 yesterday which was a big improvement from last week as the rate was down at 1.4125. Unemployment data came out which may persuade the Federal Reserve to raise their interest rates a bit sooner this year to help with the growth.brexit, gbp to eur, gbp to usd
Categorised in: News
This post was written by Kayleigh Driscoll